Glaukos upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Allen Gong upgraded Glaukos to Neutral from Underweight with a price target of $42, down from $48. The company in 2022 executed on a "modest beat-and-raise story" while launching new products like iAccess, iPrime, and iStent Infinite and laying the foundation for iDose with solid headline data from the Phase 3 trial, Gong tells investors in a research note. Although Glaukos "isn’t in the clear yet," the lapping of challenges to the base business and a "long-awaited cadence" of new products set to begin contributing in 2023-2024 "has us incrementally positive on the story heading into the new year," writes the analyst. He is "tentatively optimistic" that stabilizing trends in the base business should support modest growth in 2023 ahead of an iDose launch.